Protect Your Business From Chargebacks This Holiday Shopping Season
Be EMV Ready & Protect Your Business From Chargebacks
As the holiday season kicks off, millions of Americans will be once again putting their credit cards to work during the shopping rush.
According to data collected, Americans spent approximately $9 billion in retail purchases during Black Friday 2014, most of transactions using debit and credit cards. With the increase of sales comes an increase in fraud. But what can you do to protect yourself as a business from chargebacks and fraudulent activity?
To help combat card-related fraud, Choice Merchant Solutions and many others in the U.S. payment industry are encouraging EMV technology as a new security standard for credit and debit cards. Already used on a worldwide scale, EMV chip cards will be making their way into the hands of U.S. consumers, and merchants are upgrading to EMV terminal platforms – just in time for the holiday buying season.
“Year after year, we notice a spike in credit card fraud around the holidays. However our merchants who have adopted EMV chip technology, have had a large reduction in chargebacks.” – Mike E. – Choice Merchant Solutions Tech
There are two key reasons that it’s important to adopt EMV chip technology. The first is to become and remain PCI compliant. Staying PCI compliant is important not only for security purposes, but also to avoid annoying fees at the end of the year. At this point in the transition, chip cards that have the magnetic stripe and will be usable in older terminals. But you soon may find that you might be missing out on sales without an EMV enabled terminal.
Secondly, this new technology can help to reduce the number of fraudulent activities by validating the information identification on the card and rejecting counterfeit credit cards. EMV is a proven technology in this aspect. In fact, the major credit card brands have implemented a “liability shift” in October of 2015 where merchants without EMV enabled terminals will be responsible for point of sale fraud losses many that could have been prevented with chip technology accepting systems.
If you are interested in upgrading your terminal, visit choicemerchantsolutions.com to find out how to reduce fraud and stay PCI compliant by making the switch to EMV chip technology today.